Summit Midstream Corporation: 2024 K-1 Tax Package Availability
Summit Midstream Corporation, a key player in the midstream energy sector, has recently disclosed the accessibility of its 2024 tax packages for unitholders, a crucial development given the company’s transition from a master limited partnership (MLP) to a corporate structure.
What’s Inside the 2024 Tax Package?
The newly available tax packages include a final Schedule K-1, which is essential for unitholders filing their tax returns. These packages can easily be accessed online via Partner DataLink at
partnerdatalink.com/Summit. In addition to the online access, Summit is proactive in mailing these packages directly to their unitholders, commencing this week.
Unitholders who require further assistance or additional information can reach out to Partner DataLink through email at support@partnerdatalink.com or by phone at (855) 375-4158, available Monday to Friday from 8:00 a.m. to 5:00 p.m. CDT.
Transition from MLP to Corporation
One significant note from this year’s announcement is that Summit Midstream will not be issuing K-1 tax packages for subsequent years following 2024. This change stems from the company’s strategic move to convert from a master limited partnership to a corporation, a transformation that was finalized on August 1, 2024. This transition reflects a broader trend in the energy sector as companies explore different operational frameworks to improve efficiency and shareholder value.
About Summit Midstream Corporation
Headquartered in Houston, Texas, Summit Midstream Corporation is dedicated to developing and managing midstream energy infrastructure assets situated in the heart of vital unconventional resource basins across the continental United States. The corporation specializes in providing gathering, processing, and transportation services for natural gas, crude oil, and produced water through long-term, fee-based agreements.
The company operates across five major unconventional resource basins:
1.
Williston Basin: Encompassing the Bakken and Three Forks shale formations in North Dakota.
2.
Denver-Julesburg Basin: Covering the Niobrara and Codell shale formations in Colorado and Wyoming.
3.
Fort Worth Basin: Including the Barnett Shale formation in Texas.
4.
Arkoma Basin: Featuring the Woodford and Caney shale formations in Oklahoma.
5.
Piceance Basin: Involving the Mesaverde formation along with the Mancos and Niobrara shale formations in Colorado.
Additionally, Summit holds an equity investment in Double E Pipeline, LLC, which offers interstate natural gas transportation services across various delivery points in Texas.
A Bright Future Ahead
As Summit Midstream shifts gears into this new corporate phase, it opens up a host of opportunities for growth and innovation. Investors and stakeholders are keenly observing how this transition will affect operational efficiency and market positioning in an increasingly competitive energy landscape. With a focus on value creation and sustainability, Summit is poised to navigate the new corporate environment while delivering exceptional service to its customers.
Summit Midstream Corporation continues to embody resilience and adaptability in a rapidly evolving marketplace. As they embark on this exciting journey, unitholders and analysts alike will undoubtedly be keeping a watchful eye on their progress.